Alibaba Group Holding (HKG:9988) subsidiaries and New Retail have entered into a Share Purchase Agreement (SPA) with Paragon Shine, involving a potential cash offer for Sun Art's entire share capital and possible delisting, according to a Wednesday filing.
Alibaba holds 73.66% of Sun Art's shares through subsidiaries, A-RT Retail and Taobao China.
On Dec. 31, these shares, along with an additional 5.04% from New Retail, will be sold to the purchaser under the SPA.
Following the sale, the purchaser will control 78.70% of Sun Art shares. The SPA dictates a total consideration of H$11,637 million, or H$1.55 per share, subject to adjustments if the interim dividend is received beforehand.
Upon SPA completion, the purchaser must make a mandatory general offer for remaining shares, including an offer to Optionholders, as per the Takeovers Code.
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